The business landscape in Nigeria has always been transformable, and the success of starting any business in Nigeria has always been unpredictable as there are so many factors that will determine what will make for a good business as far as Nigeria is concerned.
In this post, we have resolved that we will show you a selected few businesses that move fast in Nigeria.
By the term, “Business that Moves fast in Nigeria”, ideologically and literal meaning to this is that we have circled down on exposing you to a business that when you start, you are certain of having quick sales and revenues from this business.
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Howbeit, it is, of course, certain that there are establishments and businesses in Nigeria, when you set them up they sometimes take months and years to yield good revenue apart from actualizing the capital used In starting these businesses.
So I think it is time for us to mention and note the fast-moving businesses in Nigeria.
Why do you need to read this post?
Some many people have come to a point where they think they are willing to start a business. Usually, this falls in the entrepreneurship categories, when we are talking about starting, we mean those who have decided to set up their own business.
But that question keeps popping out of your head when you reach this stage.
“What kind of business will I start that will produce income fast ad grow fast?”
Oh yes! If I am sure (somehow I was once in your shoes) I would not want to waste months and years on something that might up not creating a good stream of income for me.
So just as I was curious….
You are curious….
So many people get curious too before they put their time and money into something, they want that conviction that when they start this business, they will be making out money soon.
That is why you have to read this post.
Here we are covering in this post;
- What kind of business is safe to start and easy to start
- In the same vein, the business must be able to produce revenues within months or even weeks of starting.
- The business must also be the kind of business that gets a lot of patronages, that is so many customers and sales as fast as possible.
Criteria we have used to analyze and deduce our list of fast-moving business in Nigeria.
To show you an accurate list of business that moves fast in Nigeria, we will likewise show you the criteria that we have used to research and curate this top list of fast-moving businesses in Nigeria.
It’s essential to note this down in case you are planning to start a business you will know for sure why these businesses mentioned in this post are unarguably classified as the fast-moving businesses in Nigeria.
By measuring economical statistics, Investigating various business ventures within the country that has been set up, we will now show the criteria that prove a business has potential for growth, fast sales, and easy to establish.
Some of those factors are mentioned as follows;
- How well the business gets daily patronage?
- How great are the revenues from the business
- Outcome vs performance goal
- Financial manangement
- Ease of promotion and getting new customers
- Cost containment.
Let’s discuss a little around the six criteria used in curating this list of business that moves pretty fast in Nigeria.
- How well the business gets daily patronage:
Getting patronage is the lifeblood of any business, if you start a business that does not get good sales like you have to sit in the office or store before you get a sale or render a service that you get paid for, then that business can not be considered as a fast-moving business.
Take, for example, laundry service-related business; There are cases where customers usually don’t come to patronage you, as so many homes or individuals have watching machines, well most of the times, there will be patronage on areas that are open and populated, but in cases where it usually takes a little bit of longer time to get customers, then the business can not be rated a fast-moving
- How great are the revenues from the business:
In addition to getting customers and sales, another question is, how much is being made from the customers or service rendered?
This question also sets out to decide whether or not a business is profitable, no one would want to enter into a business not profitable, so to rate our list of fast-moving business in Nigeria, we also checked that these businesses can produce a good revenue once established.
This should save you time and stress and of course assures you that you have started a good business.
- Outcome vs Performance:
Outcomes and performance of your business are calculated by analysing the gross profit.
In business, a business venture or establishment is considered fast-moving if the revenues made are good and comes in a short period.
The outcome of the business is how many months or years it takes for the business to perform well, this is a criterion we look out for when analyzing the sustainability, growth and interests that could be earned when a business is set up.
- Financial management:
The last thing anyone wants to do is to start a business with a huge amount of capital, well which is even cool, what is also involved in the financial course of running the business, will the income/revenue be encouraging to match with the invested capital?
In any case, we have used this factor as a little criterion to curate our list of business that moves fast in Nigeria, plus we are focused on the current economical status of the country (Nigeria).
- Ease of promotion and getting new customers:
Have you started a business before and tried to market it but unfortunately, no one seems interested?
Or maybe few people become interested but before they buy from you it takes time. Then that is not a fast-moving business, of course, it might be a profitable business but might take you a long time to make good revenues.
Now, this instance is one of the criteria we will use to measure our list of business that grows fast and performance fast in Nigeria.
- Cost of containment:
The last criteria we will consider is the cost of containment, the summary of this is, from a business perspective, you should consider starting a business that can manage and run in the long term without running into business loss.
The 10 Businesses that Moves fast in Nigeria.
Below is a detailed list of the fast-moving businesses in Nigeria with a bit of detail of how each of these business works.
- Restaurant and Food ordering business
- Uber or Transportation
- Car Wash Service
- Café and Printing Business
- Sales of Electronics and home gadgets
- Farming business
- Fashion and catering Business
- POS Business
- Sports Betting Business
- Selling of Pharmaceutical products.
- Restaurant and Food ordering business:
More than likely there are so many individuals who have proven that there is money in the Food ordering business. Just as you know, so many people will visit a restaurant daily for a meal
A restaurant business on our list is one of the fastest moving business in Nigeria.
People of all age eat every day and there many people that will troop into a restaurant daily to order foods.
However, the success of this business type will be based on where the restaurants are cited, you should consider starting in an environment where the population is pretty okay, that way you will not have to suffer competition with other restaurants around.
- Uber of Transportation services.
Take a look at a city like Lagos, Benin, Kano, Ibadan, Port Harcourt, Benue, Abuja, Akwa Ibom. These are well-developed places in Nigeria with a good population rate.
In order words, the number of people that would need a cab to go about their daily businesses is without a doubt of good number.
These days cab booking and transportation services are becoming booming.
In a day, you are sure to make a good amount of money, and there are no two ways about it. All you have to do is get your vehicle out and you are in the business.
This business stays in our top list of business that moves fast in Nigeria.
- Car Wash Service: Car wash is also a business that yields good profit in Nigeria.
All you need is to set up a space where vehicles can park, usually a place not so hidden.
If for instance you open a car washing park along the road especially in places like Lagos or develop cities in Nigeria, you will have a large number of cars trooping in and out daily to get their vehicles Wash.
When we say a business is fast-moving, it means you do not need to beg for customers every day to make a living, and car washing is one of those businesses.
- Cafe and Printing business:
This Business type has proven to be more patronized in the students’ area. Printing service until today in Nigeria is a fast-moving business and you can make a good living out of this.
Just as stated, it is more recommended to find areas that are populated just like the student environment where you can get more patronage.
Remember patronage is the lifeblood of any business.
You will do just fine if you can locate a place where printing service is in high demand.
Apart from printing little documents, there are also large publishing ventures that you can set up, there are so many people who do large printing of books and materials.
Again, as part of the service, most people offer browsing service in their shop, for people who do not have access to the computer or good browsing device, they will visit your shop for this service you certainly will be making a lot of money from this business.
- Sales of electronics and gadgets:
Electronics and gadgets are very commonly bought by Nigerians, and everywhere in the world.
This business is mostly dominated by the Igbos in Nigeria who understand the scope of the business.
They make order and ship new or sometimes used electronics and devices from where they are produced cheap such as in China and sell them in Nigeria.
Per our check and evaluation, sales of electronics and gadgets is a fast-moving business in Nigeria even at the time of writing this post.
- Farming Business:
The sixth business on our list is farming, I cannot overemphasize how farming is a trend and the most product Industry in Nigeria.
Without farm produce, whether diary products or cash crops, the summary is that Farming stays always on our list of farming business.
As the population increases in Nigeria, the need for food will increase Nigeria, even until today Nigeria has a great economy because of its farming inputs.
There are many aspects of farming that you be involved in to make money.
- Fashion and Catering Business:
Fashion and Catering is also a considerable fast-moving business, and this option has made our list because it is not very hard to establish if you have the right skills needed.
We are talking about the tailors, fashion designers, and catering services, these are services needed in day to day activities.
Before now POS business was not part of the list of business that moves fast in Nigeria because then banks could contain our needs.
The global pandemic which affected the globe and Nigeria as well gave a rise to the need for POS business to be established in all corners.
Since every day, people need to make financial transactions, there would no longer be a need for people to go to the banks and ATM to queue up for over 30 minutes before they can withdraw or send money, especially when COVID-19 came and banks had to take measures to address the safety of its customers.
Today, POS business is a fast-moving and interesting business to start in Nigeria.
- Sport Business:
Sport is very popular and important aspect of life, a large number of Nigerians are without any doubt interested in sports.
This has also given a benefit for people to establish sport betting centres, so this is also one of the fast-moving business in Nigeria.
- Selling Pharmaceutical products:
The only downside of this business is that before you own a pharmacy in Nigeria it is required to have a license, this is important so that people do not come out to administer drugs to people in the name of making money.
Apart from that, selling pharmaceutical product too is a fast-moving business all you need is to be a professional in this field.